RECOVERY AND GROWTH
"If you can find a better car. . . buy it." This challenge became Chrysler's battle cry in its recovery fight. Iacocca began appearing in Chrysler's advertising in July 1980 and became one of the most recognizable businessmen in the world.
In 1981, Chrysler reported record losses, but the company saw light at the end of its financial tunnel -- from the headlamps of its new K-cars. Developed on a limited budget, the Dodge Aries and the Plymouth Reliant, code-named the "K-cars", enjoyed sales success which Chrysler rode to profitability in 1982. The momentum continued, and for the first time since 1973, the company was profitable for four consecutive quarters. In August 1983, Chrysler paid off the federal loan guarantees seven years early, at a profit of $350 million to the U.S. government.
In November 1983, production of Chrysler's minivans, the Dodge Caravan and Plymouth Voyager, began. The minivans created a new market segment and changed the way American families traveled. Minivans became Chrysler's best-selling vehicle and the company was well on its way back to economic health. More than a decade later, despite an onslaught of domestic and international minivan competition, Chrysler continues to dominate the U.S. minivan market and has captured more than 20% of Europe's minivan market.
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